Risk management
On this page we will show you how Issue Score can help in making important risk decisions.
With the help of Issue Score, you can manage and visualize your risks. For example, you can define:
- an Issue Score field as Risk Index,
- A Key-Value field as Probability,
- A Key-Value field as Impact.
For the Probability Key-Value field you can add the following options:
- Catastrophic - 5
- Major - 4
- Significant - 3
- Moderate - 2
- Minor - 1
For the Impact Key-Value field you can add the following options:
- Certain - 5
- Likely - 4
- Possible - 3
- Unlikely - 2
- Rare - 1
Now you should configure your Issue Score field as a Risk Index. You Score formula could be: Probability x Impact. The resulting risk matrix could be like this:
| x | Negligible -1 | Marginal - 2 | Critical - 3 | Major - 4 | Catastrophic - 5 |
|---|---|---|---|---|---|
| Certain - 5 | Medium (5) | High (10) | High (15) | Extreme (20) | Extreme (25) |
| Likely - 4 | Medium (4) | Medium (8) | High (12) | High (16) | Extreme (20) |
| Possible - 3 | Low (3) | Medium (6) | Medium (9) | High (12) | High (15) |
| Unlikely - 2 | Low (2) | Low (4) | Medium (6) | Medium (8) | High (10) |
| Rare - 1 | Low (1) | Low (2) | Low (3) | Low (4) | Medium (5) |
It's easy to see that you can define Issue Score ranges for your risk categories. With this, you will get instant visual feedback on your Issue Screen about the risk index.
- Low: 1 - 5
- Medium: 5 - 10
- High: 10 - 20
- Extreme: 20 - 26
If you enjoyed this article, try out Issue Score now!